Saturday, July 15, 2017

LaKritz Adler Development's Sale of the Famous Starbucks Building

An experienced real estate developer, Robb LaKritz leverages his training to serve as the managing partner of LaKritz Adler Development in Washington, D.C. In this role, Robb LaKritz leads a firm that has acquired and sold several prominent buildings, including the Starbucks Building by Dupont Circle.

In April of 2014, Harbor Group International purchased the Starbucks Building by Dupont Circle in one of the largest D.C. retail transactions per square foot in recent history. Located at 1501 Connecticut Ave. NW, the building was sold for $16.2 million by an affiliate of Lakritz Adler Real Estate Investments. 

Brokered by Calkain Cos., the purchase of the 10,000-square-foot property came to $1,672 per square foot, or approximately 886 coffees per square foot. In addition to a 3,700-square-foot Starbucks, the building features additional office and retail space. Calkain Cos. put the building on the market for just less than $17.5 million, and sold it for the extremely low cap rate of about 4.3 percent.

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